P2.3T in projects OK’d for Green Lane service
INVESTMENTS worth P2.3 trillion were approved for Green Lane service as of June 20, 2024, most of which are for the renewable energy (RE) sector, the Board of Investments (BoI) said on Thursday.
A total of 74 projects were approved under Executive Order (EO) 18, which was signed by President Ferdinand Marcos Jr. last year. The order created strategic investment Green Lanes to reduce the cost of doing business in the Philippines.
Of the approved projects, 65 are under the RE sector, involving investments totaling P1.9 trillion. The remaining projects are in digital infrastructure, manufacturing and food security sectors.
Data from the BoI showed that there were five digital infrastructure projects approved for Green Lane service worth P338.22 billion; two manufacturing-related projects worth P29.6 billion; and another two related to food security with an estimated cost of P3.4 billion.
For the month of June alone, P265.465 billion worth of investments was Green Lane certified, the highest of which is a P183.205-billion solar power project in Luzon.
Out of the total projects, 32 are already registered with the BoI with a combined project cost amounting to P1.309 trillion.
On the other hand, 42 projects are still being considered as investment leads and are worth P1.022 trillion.
At present, 59 applications still need to complete requirements.
Since the beginning of the year, the BoI has approved 52 investments for Green Lane with a total worth of P1.88 trillion.
In 2023, 22 projects were approved, amounting to P432.906 billion.
The BoI’s One-Stop Action Center for Strategic Investments will endorse the certified projects to the concerned local government units (LGUs) for the issuance of Certificates of NonObjection.
“This approach has been particularly effective in Cavite Province, where the provincial endorsement was issued just one week after the Green Lane meeting,” the BoI said.
“Similarly, the province of Laguna has proactively provided Green Lane assistance for renewable energy projects by coordinating with the concerned LGUs to secure permits, licenses, and right of way,” it added.